GBPUSD Up 3 Pips in Last Hour, Breaks Below 50 Day Average; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated April 23, 2021 2:21 GMT)

At the moment, GBPUSD’s rate is up 3 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPUSD has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD is down 92 pips (0.66%) since the day prior (opening today near 1.38378), marking the 3rd consecutive day a decrease has occurred. Compared to its peers in the Forex, GBPUSD gave its buyers a return that ranked 32nd in terms of percentage change since the day prior. The price chart of GBPUSD below illustrates.

GBPUSD

GBPUSD Technical Analysis

First things first: GBPUSD crossed below its 50 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 17.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 5 them.